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Insurance Agency Technology in 2019: Database management, commisisons processing, and marketing & workflow automation presented by: For the past 3 years, we’ve surveyed life and health insurance agencies of all sizes to learn how they use technology to manage their books of business, process commissions, and utilize workflow and marketing automation. What does your agency mainly use to manage its book of business? Insurance-specific agency management system (AMS) Customer relationship management software (CRM) Excel spreadsheets Paper files 90% of a manager’s time can be spent updating spreadsheets with new numbers. InsightSquared 30% of insurance agencies plan to adopt a new AMS in 2019. AgencyBloc 2019 Insurance Agency Tech Survey $33,000 can be saved every year in employee time by automating commissions processing in an AMS like AgencyBloc. AgencyBloc 12 hours is spent each month “consolidating, modifying, and correcting” spreadsheets. TechTarget What does your insurance agency use to process and track commissions? Insurance-specific agency management system (AMS) Excel spreadsheets Commissions-specific software 11% 25% 31% 33% I don’t process or track commissions What does your agency struggle with most when it comes to commissions processing? Identifying missed commissions from carriers Tracking commissions for each agent 16% 16% 39% Processing in a timely manner 37% of agencies noted lead generation as their #1 overall challenge. AgencyBloc 2019 Insurance Agency Tech Survey How familiar/comfortable are you with automation tools? 50% of sales go to the first person who reaches out. InsideSales 33% of agencies currently utilize automation tools. AgencyBloc 2019 Insurance Agency Tech Survey 9x more likely to convert web leads when you follow up within 5 minutes. InsideSales 88% of Excel spreadsheets contain errors. MarketWatch 37% of agencies project their commission payments and use it to analyze revenue. AgencyBloc 2019 Insurance Agency Tech Survey 24% of agencies would identify missed commissions if they had the tech to do so. AgencyBloc 2019 Insurance Agency Tech Survey 90% of errors can be reduced when a company moves to a commission- based system (like an AMS) instead of spreadsheets. Gartner www.agencybloc.com/schedule-demo/ 866-338-7075 [email protected] Sources AgencyBloc AgencyBloc 2018 Insurance Agency Tech Survey Gartner InsideSales InsightSquared MarketWatch TechTarget Turbine Projecting out future commissions 22% Other 7% 40% 30% 20% 10% Very new to automation Very familiar with automation Average
